Dec 19, 2012 3:00pm EST
shop. cnbc's chief international correspondent michelle caruso-cabrera is here with more on why this could be the tip of the iceberg. >> a financial security known as a wealth management product. gone bust in china. here's the details. a group of investors in shanghai lost the equivalent of $22.5 million that they thought was going to pay them 11% interest in only one year. their money was supposedly invested in a pawn shop, two car dealerships and entertainment ven urg. these investors were supposed to get their principal and whopping interest payment in november. instead, they got zero and started protesting in front of the bank for days. the situation is raising alarms with regulators over there because these wealth management products, wmps as they are nope, are so widespread. more than $2 trillion worth in the chinese bank is system. that's equal to 14% of all deposits in chinach the chinese buy them because they pay way more in interest than cds and savings account. analyst are worried that this failure is tip of the iceberg, more on the way possibly leading to a credit crisis.
Dec 14, 2012 3:00pm EST
shooting in newtown, connecticut. michelle franzen stepping back in with more of what we know and still plenty we don't know. >> reporter: a lot we don't know, bill, but were starting to have some numbers and some details start to fit out in this last half hour. what we do know is that the governor of connecticut continues to meet with families who have been skywestered at the nearby family, many that rushed there in that initial hour after hearing about this shooting only to be told that they need to go over and wait over here and, of course, receiving the worst possible news. we're hearing as many as 18 children were killed today by that lone gunman who walked in, and we're also learning about the gunman, a 24-year-old who had evidently at this hour, what we know is that may have gone to that school targeting his mom who worked as a teacher there and entering the school and going to her classroom and opened fire. that's what we know the details right now as well as this community that is just beginning to mourn this tragic, tragic situation here as it unfolds. many other parents
Dec 14, 2012 3:00pm EST
more tragedies like this regardless of the politics. this evening michele and i will do what i know every parent in america will do, which is under our children and little tighter and tell them that we love them and will remind each other how deeply we love one another. our families in connecticut who cannot do that tonight who need all of us right now, in the hard days to come the community needs to be in our best as americans, and i will do everything in my power as president to halt because while nothing can fill the space of all lost child of one, all of us can extend a hand to those in need to remind them that we are there for them, that we are praying for them, that the love they fell for those they lost in door's not just in their memories, but also an hours have. may god bless the memory of the victims. and in the words of the scripture, heal the broken hearted and lined up their wounds. liz: president obama speaking about the mass shooting in connecticut saying, our hearts are broken, children's innocents torn away from them. eighteen children, a tiny children ages 5-10 all